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If your truck is MAF(it should be) and you get a complete 5.8 EFI engine this is a direct swap for the most part with a few 5.8 unique parts. Those parts are the flexplate, exhaust manifolds, and Y pipe. The flexplate is unique to the engine/transmission combo.. different offset for each trans and 28oz balance for the 5.8 vs 50oz for the 5.0. The passenger side 5.8 exhaust manifold has an EGR connection that the 5.0 doesn't, and since the 5.8 block is taller and wider the Y pipe is shapd differently. If using headers the 5.0 Y-pipe can be easily modified to fit the motor.
Other than that the stock 5.0 engine wiring will literally plug right into the 5.8 motor and a MAF 5.0 computer will run a stock or lightly modified 5.8(cam or 1.7 rockers and headers) no problems at all. You can expect roughly the same or a littler worse milage in the city but potentially better highway milage and yes the 5.8 produces quite a bit more Tq for towing and hill climbing.